Since Donald Trump’s victory in the November U.S. election, institutional demand for bitcoin has surged, pushing the cryptocurrency toward significant milestones.
Bitcoin (BTC), the leading cryptocurrency by market capitalization, is now eyeing two major targets: reaching a $2 trillion market cap and achieving a price of $100,000. Once these hurdles are cleared, there could be a clearer path for further growth.
Bitcoin’s value has increased by over $30,000 since Trump’s election, coinciding with a marked increase in BTC withdrawals from exchanges. Glassnode data shows that large transactions—valued at over $10 million—are being taken off exchanges at a rapid pace, signaling strong institutional interest. A significant portion of these transactions appears to be linked to Coinbase, contributing to the recent premium seen on the exchange.
As of yesterday, approximately 12,500 BTC, valued at around $1.3 billion, had been withdrawn from exchanges, with roughly half of this volume coming from Coinbase, according to Glassnode.
In total, around 200,000 BTC have exited exchanges since the election, leaving just 2.8 million BTC on exchanges, marking the lowest supply in seven years.
